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2018 (11) TMI 1649 - AT - Income TaxReopening of assessment u/s 147 - notice beyond four years by issuing notice u/s. 148 without any allegation that the income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to disclose fully and truly - HELD THAT:- Income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for that assessment year therefore, CIT(A) was not in holding that the initiation of reassessment proceedings u/s. 147 is bad in law and the first appellate order is correct in quashing the initiation of reassessment and all consequent proceedings and orders including impugned reassessment and first appellate order. Benefit of the ratio of the decision of Hon’ble Delhi High Court in the case of Consolidated Photo & Finvest Ltd. [2006 (1) TMI 59 - DELHI HIGH COURT] is not availed for the Revenue as it was not a case of change of opinion and initiation of reassessment beyond four years of relevant assessment year. Therefore, we respectfully hold that the benefit of ratio of this decision having dissimilar facts and circumstances from the present case is not available in favour of the Revenue in the extant case. Per contra, the ratio of the decision of Hon’ble Delhi High Court in the case Usha International [2012 (9) TMI 767 - DELHI HIGH COURT] is applicable to the present in favour of the assessee which again supports the conclusion recorded by the CIT(A) in quashing the reassessment order. Accordingly, there is no valid reason to interfere with the first appellate order and thus, we uphold the findings arrived by the ld. CIT(A). Consequently, legal ground of Revenue being devoid of merits is dismissed. - Decided against revenue.
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